Crude oil: Mathematical analysis with Murray Lines for November 13, 2013
November 13, 2013 3:30 pm
Daily chart
Looking at the daily chart and from a technical standpoint Crude Oil is in a safe area, that is reverse line representing 2/8 Murrey. But if we take into account the fundamental and related data Crude supply perspectives change. Thus we will take into account monthly reports of the Department of Energy U.S. late Wednesday and the International Energy Agency on Thursday. On the other hand, according to some analysts, we continue to see the first half of 2014 as a clear surplus unless OPEC cuts production than we anticipated at the summit in Vienna December 4. Finally, a Platts survey of oil analysts projected an increase of 1.8 million barrels in crude inventories in the United States for the week ending November 8. No doubt all these data could keep pushing further Crude Oil below 93.00 a barrel.
4-hour chart
On the 4-hour chart we see a similar picture. We have the extreme zones Crude Oil trading since the end of the last hours of yesterday’s session, the line -1 / 8 (purple line) is considered the same as an end zone that the price touches only in extreme situations. On the other hand, we also have its uptrend line. All this seems to indicate a potential upside rebound. However, the fundamentals will ultimately prevail and that markets move in any direction.
1-hour chart
Finally the 1-hour chart presents a similar picture, with the price of Crude Oil trading above the line 2/8 considered a significant rebound line. At this time the price is below the 3/8 Murrey. However, when it enters it above the previous candle, it is possible that the price search again enters this area after which we would expect a promotion at least until 94.00 or 94.28 where there is its weekly pivot.
If you have any questions or suggestions, please contact me right through:
No information published constitutes a solicitation, offer, or recommendation, to buy or sell any investment instrument, to effect any transactions, or to conclude any legal act, whatever its nature.
The information published and opinions expressed are provided on an only for information only and is subject to change without notice, delimiting the company responsibility for decisions originating from the same, and they cause any kind of profit, loss or damage.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart
Looking at the daily chart and from a technical standpoint Crude Oil is in a safe area, that is reverse line representing 2/8 Murrey. But if we take into account the fundamental and related data Crude supply perspectives change.
Thus we will take into account monthly reports of the Department of Energy U.S. late Wednesday and the International Energy Agency on Thursday.
On the other hand, according to some analysts, we continue to see the first half of 2014 as a clear surplus unless OPEC cuts production than we anticipated at the summit in Vienna December 4.
Finally, a Platts survey of oil analysts projected an increase of 1.8 million barrels in crude inventories in the United States for the week ending November 8.
No doubt all these data could keep pushing further Crude Oil below 93.00 a barrel.
4-hour chart
On the 4-hour chart we see a similar picture. We have the extreme zones Crude Oil trading since the end of the last hours of yesterday’s session, the line -1 / 8 (purple line) is considered the same as an end zone that the price touches only in extreme situations. On the other hand, we also have its uptrend line. All this seems to indicate a potential upside rebound. However, the fundamentals will ultimately prevail and that markets move in any direction.
1-hour chart
Finally the 1-hour chart presents a similar picture, with the price of Crude Oil trading above the line 2/8 considered a significant rebound line. At this time the price is below the 3/8 Murrey. However, when it enters it above the previous candle, it is possible that the price search again enters this area after which we would expect a promotion at least until 94.00 or 94.28 where there is its weekly pivot.
If you have any questions or suggestions, please contact me right through:
Email:[email protected]
DISCLAIMER
No information published constitutes a solicitation, offer, or recommendation, to buy or sell any investment instrument, to effect any transactions, or to conclude any legal act, whatever its nature.
The information published and opinions expressed are provided on an only for information only and is subject to change without notice, delimiting the company responsibility for decisions originating from the same, and they cause any kind of profit, loss or damage.
The material has been provided by InstaForex Company – www.instaforex.com
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